What drove fund performance during the past 12 months?

• U.S. equities rose in 2025, with favorable corporate earnings, artificial intelligence tailwinds, and a broadly constructive regulatory environment helping overcome tariff concerns. As the year progressed, the U.S. Federal Reserve resumed short-term interest rate cuts despite continued elevated inflation. Mid-caps fared well but lagged large-caps and small-caps.

• Stock selection within information technology contributed the most to relative performance against the Russell Midcap Value Index. Shares of memory manufacturer Sandisk soared due to elevated NAND memory demand against a tight supply backdrop. In energy, stock choices added value as shares of TechnipFMC, an oil exploration company, advanced on strong subsea order growth.

• Conversely, stock selection within health care detracted the most from relative performance. Shares of pharmaceutical manufacturer Perrigo fell after multiple stumbles in its infant formula segment. In financials, stock choices detracted as shares of Corpay, a business payments solutions provider, fell due to the earnings impact of weakness in its lodging segment.

• We seek to invest in durable and out-of-favor mid-cap companies that may not be operating up to their full potential and, as a result, are underappreciated by the market. Our emphasis is on identifying “fixable and lovable” companies with attractive upside relative to downside potential, which has the dual benefits of helping to manage risk and opportunistically adding upside to the portfolio, giving it the potential to generate returns in a variety of macroeconomic environments.

Average Annual Total Returns

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$14,737,203
• Number of Portfolio Holdings128

Top Ten Holdings (as a % of Net Assets)

What drove fund performance during the past 12 months?

• U.S. equities rose in 2025, with favorable corporate earnings, artificial intelligence tailwinds, and a broadly constructive regulatory environment helping overcome tariff concerns. As the year progressed, the U.S. Federal Reserve resumed short-term interest rate cuts despite continued elevated inflation. Mid-caps fared well but lagged large-caps and small-caps.

• Stock selection within information technology contributed the most to relative performance against the Russell Midcap Value Index. Shares of memory manufacturer Sandisk soared due to elevated NAND memory demand against a tight supply backdrop. In energy, stock choices added value as shares of TechnipFMC, an oil exploration company, advanced on strong subsea order growth.

• Conversely, stock selection within health care detracted the most from relative performance. Shares of pharmaceutical manufacturer Perrigo fell after multiple stumbles in its infant formula segment. In financials, stock choices detracted as shares of Corpay, a business payments solutions provider, fell due to the earnings impact of weakness in its lodging segment.

• We seek to invest in durable and out-of-favor mid-cap companies that may not be operating up to their full potential and, as a result, are underappreciated by the market. Our emphasis is on identifying “fixable and lovable” companies with attractive upside relative to downside potential, which has the dual benefits of helping to manage risk and opportunistically adding upside to the portfolio, giving it the potential to generate returns in a variety of macroeconomic environments.

Average Annual Total Returns

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$14,737,203
• Number of Portfolio Holdings128

Top Ten Holdings (as a % of Net Assets)

What drove fund performance during the past 12 months?

• U.S. equities rose in 2025, with favorable corporate earnings, artificial intelligence tailwinds, and a broadly constructive regulatory environment helping overcome tariff concerns. As the year progressed, the U.S. Federal Reserve resumed short-term interest rate cuts despite continued elevated inflation. Mid-caps fared well but lagged large-caps and small-caps.

• Stock selection within information technology contributed the most to relative performance against the Russell Midcap Value Index. Shares of memory manufacturer Sandisk soared due to elevated NAND memory demand against a tight supply backdrop. In energy, stock choices added value as shares of TechnipFMC, an oil exploration company, advanced on strong subsea order growth.

• Conversely, stock selection within health care detracted the most from relative performance. Shares of pharmaceutical manufacturer Perrigo fell after multiple stumbles in its infant formula segment. In financials, stock choices detracted as shares of Corpay, a business payments solutions provider, fell due to the earnings impact of weakness in its lodging segment.

• We seek to invest in durable and out-of-favor mid-cap companies that may not be operating up to their full potential and, as a result, are underappreciated by the market. Our emphasis is on identifying “fixable and lovable” companies with attractive upside relative to downside potential, which has the dual benefits of helping to manage risk and opportunistically adding upside to the portfolio, giving it the potential to generate returns in a variety of macroeconomic environments.

Average Annual Total Returns

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$14,737,203
• Number of Portfolio Holdings128

Top Ten Holdings (as a % of Net Assets)

What drove fund performance during the past 12 months?

• U.S. equities rose in 2025, with favorable corporate earnings, artificial intelligence tailwinds, and a broadly constructive regulatory environment helping overcome tariff concerns. As the year progressed, the U.S. Federal Reserve resumed short-term interest rate cuts despite continued elevated inflation. Mid-caps fared well but lagged large-caps and small-caps.

• Stock selection within information technology contributed the most to relative performance against the Russell Midcap Value Index. Shares of memory manufacturer Sandisk soared due to elevated NAND memory demand against a tight supply backdrop. In energy, stock choices added value as shares of TechnipFMC, an oil exploration company, advanced on strong subsea order growth.

• Conversely, stock selection within health care detracted the most from relative performance. Shares of pharmaceutical manufacturer Perrigo fell after multiple stumbles in its infant formula segment. In financials, stock choices detracted as shares of Corpay, a business payments solutions provider, fell due to the earnings impact of weakness in its lodging segment.

• We seek to invest in durable and out-of-favor mid-cap companies that may not be operating up to their full potential and, as a result, are underappreciated by the market. Our emphasis is on identifying “fixable and lovable” companies with attractive upside relative to downside potential, which has the dual benefits of helping to manage risk and opportunistically adding upside to the portfolio, giving it the potential to generate returns in a variety of macroeconomic environments.

Average Annual Total Returns

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$14,737,203
• Number of Portfolio Holdings128

Top Ten Holdings (as a % of Net Assets)

What drove fund performance during the past 12 months?

• U.S. equities rose in 2025, with favorable corporate earnings, artificial intelligence tailwinds, and a broadly constructive regulatory environment helping overcome tariff concerns. As the year progressed, the U.S. Federal Reserve resumed short-term interest rate cuts despite continued elevated inflation. Mid-caps fared well but lagged large-caps and small-caps.

• Stock selection within information technology contributed the most to relative performance against the Russell Midcap Value Index. Shares of memory manufacturer Sandisk soared due to elevated NAND memory demand against a tight supply backdrop. In energy, stock choices added value as shares of TechnipFMC, an oil exploration company, advanced on strong subsea order growth.

• Conversely, stock selection within health care detracted the most from relative performance. Shares of pharmaceutical manufacturer Perrigo fell after multiple stumbles in its infant formula segment. In financials, stock choices detracted as shares of Corpay, a business payments solutions provider, fell due to the earnings impact of weakness in its lodging segment.

• We seek to invest in durable and out-of-favor mid-cap companies that may not be operating up to their full potential and, as a result, are underappreciated by the market. Our emphasis is on identifying “fixable and lovable” companies with attractive upside relative to downside potential, which has the dual benefits of helping to manage risk and opportunistically adding upside to the portfolio, giving it the potential to generate returns in a variety of macroeconomic environments.

Average Annual Total Returns

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

Sector Allocation (as a % of Net Assets)